At a high-level panel discussion on Thursday, June 22, at the Global Leaders’ Summit for a New Global Financing Pact in Paris, President Ranil Wickremesinghe spoke about Sri Lanka’s experience with debt restructuring and the need for an all-encompassing strategy to address the difficulties faced by middle-income countries.
Sri Lanka, he claimed, had trouble obtaining financing and was in charge of its debt repayment and economic reform plans.
In addition to highlighting the substantial costs associated with the procedure, Wickremesinghe underscored the necessity of prompt and easy access to concessional finance.
Additionally, he urged for increased communication between creditors and debtors and offers a fresh strategy for handling geopolitical problems.
Wickremesinghe also underlined the necessity of restructuring in order to prevent instability and argued for a different procedure for middle-income countries in order to handle their particular problems.
The IMF’s assistance and Sri Lanka’s cooperation, he said, made it possible to deal with both creditor groups. He also mentioned that current discussions with Japan, India, and China over trade integration and development initiatives were helpful. President Wickremesinghe, on the other hand, emphasizes the necessity of enhanced communication between the committee and the debtors during the restructuring process, implying that a new strategy is required.
